MANKATO, Minn.-Rural telecommunications provider HickoryTech Corp., which announced last month plans to sell its wireless operations to Western Wireless Corp., reported a $25.9 million before tax and $15.3 million after tax writedown during the third quarter related to the pending sale. The writedown contributed to a $14.7 million loss from discontinued operations the company posted during the quarter.
“The underlying strength of our continuing operations is largely obscured by the impact of the wireless valuation writedown,” explained John Duffy, president and chief executive officer of HickoryTech, who added the sale of the wireless business would allow the company to tighten its focus on its core wireline and broadband business and strengthen its balance sheet by reducing debt.
